Keurig Dr Pepper 2Q Revenue Grows on Higher Coffee, Beverage Sales

By Matt Grossman

Keurig Dr Pepper Inc. on Thursday reported a second-quarter profit as consumer behavior during the coronavirus pandemic led to higher sales.

The Burlington, Mass.-based company, which makes office coffee systems and soft drinks, said higher home-use sales of its K-Cup coffee systems more than offset a fall in demand from the systems for offices and hospitality customers. Coffee sales increased 5.4% to $1.04 billion, the company said.

Packaged-beverage sales grew 6.2% to $1.39 billion in the quarter, partially driven by new products under the Canada Dry and Dr Pepper brands.

Keurig Dr Pepper reported a second-quarter profit of $298 million, or 21 cents a share, compared with a profit of $314 million, or 22 cents a share, in the same three-month period a year earlier.

The company's adjusted earnings per share was 33 cents. Analysts polled by FactSet had forecast adjusted earnings of 32 cents a share.

Keurig Dr Pepper sales were $2.86 billion, up from $2.81 billion in last year's second quarter. Analysts were expecting sales revenue of $2.82 billion.

Write to Matt Grossman at matt.grossman@wsj.com

(END) Dow Jones Newswires

July 30, 2020 07:28 ET (11:28 GMT)

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